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Your parents want to create a fund today that will enable them to withdraw $25,000 per year for eight years, with the first withdrawal to
Your parents want to create a fund today that will enable them to withdraw $25,000 per year for eight years, with the first withdrawal to take place 5 years from today. If the fund is earning (8%,1), how much must your parents invest today. Prof gave the answer of 97,776.65 and I got the answer 9,174.31 and not sure what I did wrong.
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